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Article: Magma Energy Acquires Interest in Icelandic Geothermal Energy Producer.
- Article from:
- Marketwire Canada
- Article date:
- July 23, 2009
CopyrightCOPYRIGHT 2009 Canadian Corporate News. News Provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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VANCOUVER, BRITISH COLUMBIA, Jul 23, 2009 (Marketwire via COMTEX) -- Magma Energy Corp. (TSX:MXY) announces that it has signed an agreement to acquire from Geysir Green Energy a minority interest in HS Orka, a large producing geothermal company in Iceland. The agreement provides that Magma will purchase an 8.62% shareholding in HS Orka for 2.5 billion Icelandic Kroner ("ISK") (approximately US$20 million) payable at closing and a 2.16% shareholding in HS Orka for 625 million ISK (approximately US$5 million) payable by March 31, 2010. In connection with the purchase, Magma will also obtain an option to acquire approximately a 5% additional shareholding in HS Orka by making ...